Triveni Turbine (TRIV IN) – Q1FY27 Result Update – Muted Q1, back ended recovery in H2FY27 – HOLD
Published on 12 Aug 2026
We revised our EPS estimates by -12.1%/-3.6% for FY27E/28E, factoring in lower margins due to adverse order mix and delayed export dispatches, and a slower recovery in domestic order finalisation. Triveni Turbine (TRIV) reported a challenging Q1FY27, with revenue growth of 19.2% YoY to Rs4.4bn, while EBITDA margin declined sharply to 11.6%, reflecting an adverse order mix, higher domestic execution and delayed export dispatches amid 3–4x increase in freight rates. Order inflow grew a modest 6.1% YoY to Rs5.7bn, despite strong export (+53.4%) and aftermarket (+54%) traction, as domestic and product orders declined 35.4% and 11.6%, respectively. Order book stood at Rs21.8bn, up 5.1% YoY, but near-term execution remains vulnerable to geopolitical disruptions and customer-led delivery deferrals. The stock is trading at a P/E of 48.7x/37.1x on FY27/28E EPS. We maintain our rating to ‘Hold’ valuing the stock at a PE of 38x Mar’28E (same as earlier) arriving at a TP of Rs615 (Rs638 earlier).
